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The Nation : Plan Calls for PTL to Raise $50 Million

October 25, 1987

A reorganization plan proposed by PTL creditors would require supporters to raise about $50 million within seven months or the ministry's assets could be sold off, officials said. The plan, expected to be filed in U.S. Bankruptcy Court this week, calls for the television ministry to retire about $20 million of its $60-million debt in seven months. PTL's normal operating expenses for seven months are about $30 million. "It's going to have to have a tremendous slug of money in the next six months, or it's going to go," an unidentified attorney involved with the plan told the Charlotte Observer. In return for the $20 million, the creditors' plan would give PTL supporters control over the ministry in five years, or earlier if its $60-million debt is erased.

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